Finnish MedTech company Fimmic, announced today that it has closed a $6 million investment round. The latest round brings the company’s total funds raised in 2017 to $7.8 million.
The new investment will be used to accelerate scaling of its WebMicroscope AI Cloud for tissue diagnostics, grow the team, expand marketing and launch local activities in the US market.
Fimmic’s unique next-generation deep learning AI platform WebMicroscope is the first commercial platform that supports pathologists and medical researchers in tissue diagnostics through deep learning AI -based image analysis.
WebMicroscope, which was recently nominated as the winner of the Innovation Award for Artificial Intelligence-based Digital Pathology Solution by Frost & Sullivan, facilitates more precise and personalized patient by improving the speed and accuracy of diagnosis for pathologists and medical researchers in tissue-based analytics through an easy-to-deploy web interface.
According to Fimmic CEO Kaisa Helminen, their deep learning AI algorithms have been successfully used in various applications globally ranging from cancer research to drug development projects on Parkinson’s disease and liver diseases.
Helminen says the results have been extremely promising and the technology has received great interest from various industries and application areas.
It was this promise that inspired Capital Partners to invest in the three-year-old startup.
“AI holds great potential in several fields of medicine, including tissue diagnostics. We were impressed with the Fimmic team’s expertise and proven track record in executing development plans for a commercial product,” said CEO of Ascend Capital Partners Monita Mo.
Fimmic was founded in 2013 and is a spin-off company from the Finnish Institute for Molecular Medicine at the University of Helsinki.